Bengal Energy Ltd. · TSX:BNG
Bengal Energy — Shareholder Meeting (September 2011)
31 slides from Bengal Energy's shareholder meeting presentation, September 2011
Slide 1: AGM Presentation
TSX: BNG AGM Presentation September 2011 High-impact Exploration and Drilling in Australia and India
Slide 2: Forward-looking Statements
Forward-looking Statements Certain information regarding Bengal set forth in this document contains forward-looking statements. The use of any of the words "plan", "expect", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events o
Slide 3: The Bengal Energy Edge
The Bengal Energy Edge A veteran team with international experience World-class assets in stable countries Well resourced for execution 3
Slide 4: Corporate Information
Corporate Information Toronto Stock Exchange BNG Shares (September 12, 2011) 51.96 million Options (June 30, 2011) 2.80 million Average exercise price $1.19 Market capitalization @ $1.02 (September 12, 2011) $53.0 million Bengal is an international oil and gas exploration and production company base
Slide 5: Performance of Peers
Performance of Peers Peer Total Return1 of TSX/TSXV-Listed International Players with Production <200 boe/d September 3, 2010 to September 2, 2011 Average total return for the peer group was -21% DualEx Energy 17% Bengal Energy 16% Caspian Energy 16% Brownstone Energy 6% Africa Oil 4% CGX Energy -6%
Slide 6: International Experience
International Experience Chayan Chakrabarty, PhD (Petroleum Engineering), MBA President, CEO and Director • Former VP, International, Daylight Resources Trust; Former Sr. VP at Ross Smith Energy Group; Prior companies include Verenex, Encana and CS Resources Bryan Goudie, CA Chief Financial Officer
Slide 7: Independent Directors
Independent Directors Ian Towers - Chairman • President and Chief Executive Officer of Dolomite Energy • Former President and CEO of Rio Alto Resources International Richard A.N. Bonnycastle • Chairman and President of Cavendish Investing; Director of Pacific Iron Ore Corporation and Century Energy;
Slide 8: Asset Overview Australia India
Asset Overview Five key blocks • Large land positions focused in proven, producing basins Australia • 2.2 million net acres with 90% operated Two blocks • Attractive fiscal terms with world pricing • Active petroleum jurisdictions with substantial prospectivity • Strong regulatory framework with Bri
Slide 9: Operations Overview
Operations Overview • Near term drilling focus in Australia – Operated 100% W.I. block ATP 732P (654,000 acres), Cooper Basin – Non-operated 25% W.I. Cuisinier discovery, ATP 752P Barta sub-block, Cooper Basin – Q3 2011 anticipated drilling, non-operated, 10% W.I., block AC/P 24, Timor Sea • “Call o
Slide 10: Cooper Basin Australia
Cooper Basin Australia Bengal W.I. % Permian Edge Gross Area (post Bengal Net Key Blocks (acres) farm in) (acres) ATP 752P – Queensland 360,033 25 90,008 Barta South Australia ATP 752P - 215,723 30 64,717 Wompi ATP 934P - 50 361,268 180,634 Cuisinier Barrolka (operator) Discovery ATP 732 P - 100 654
Slide 11: Cooper Basin – ATP 732P Tookoonooka
Cooper Basin – ATP 732P Tookoonooka • This large block is offset by producing oil and gas fields • Bengal has defined numerous leads and prospects on the permit • A seismic program has been designed for calendar Q4 2011 to enable potential drilling starting in 2012 ATP 732P 11
Slide 12: Cooper Basin – ATP 732P Tookoonooka
Cooper Basin – ATP 732P Tookoonooka Tintaburra/ Toobunyah The play 3,012,205 bbls • Greater than 1,000 Vernon 1 DST 2: GTS 6.2 mmcfd net sections • Seven different play types: – Four conventional light oil Wareena 1 DST 4: GTS 11.35 mmcfd – Two conventional gas and gas liquid – One unconventional ga
Slide 13: Independent Resource Assessment - ATP 732P Tookoonooka
Independent Resource Assessment - ATP 732P Tookoonooka (3 Play Types) Unrisked Estimates of Undiscovered Petroleum Initially In Place and Prospective Recoverable Resources in the Cooper/Eromanga Basin, Queensland, Australia1,2 There is no certainty that any portion of the prospective resources will
Slide 14: Cooper Basin – Cuisinier Discovery
Cooper Basin – Cuisinier Discovery Cuisinier 2 (Cased Oil) • ATP 752P, Barta sub-block Cuisinier 1 (Prod Oil) • 25% W.I. in 360,033 gross acres • Discovery well, Cuisinier 1 commenced production May 2010; well rate restricted to ~400 bopd (gross) • New potential fairway for oil- Barta North 1 bearin
Slide 15: Brazeau Belly River Channel Analogy
Brazeau Belly River Channel Analogy Comparison with Murta at Cuisinier Regional sands 200 Channel Proximal 150 facies channel # wells 100 50 Proximal channel Full 0 50 100 150 200 250 300 350 More channel IP (first 4 months) bopd Lea Park T47 R14W5 Belly River IP (first 4 months) Bubble scale: 1 – 3
Slide 16: Entry of BP in India's East Coast
Entry of BP in India’s East Coast Legend • In early 2011, BP showed BP Lands significant confidence in Bengal Lands India's east coast hydrocarbon potential through one of the largest foreign investments in India • BP agreed to pay Reliance Industries Ltd. US$7.2 billion for a 30% working interest i
Slide 17: Offshore Upside - India's Cauvery Basin
Offshore Upside - India's Cauvery Basin Cauvery Basin • CY-OSN-2009/1 (Bengal 100%) 1,362 km2 40 km - $US2MM four-year capital program PY-1 6x6 miles commitment • Two offsetting exploration blocks PY-3 within 50 km have expenditures of US$200 million planned over 4 years India Facts and figures abou
Slide 18: Offshore Play - Cauvery Basin
Offshore Play - Cauvery Basin CY-OSN-2009-1 • 336,000 acre block • 7 year (4+3) term • Very light work program ~$2MM seismic (no drilling obligation for next 4 years) • Offset block immediately to east has 3 firm wells in next 4 years • Prospect depth 4,200 – 4,500 m (375 m water) • Play area 18,000
Slide 19: Onshore Activity - CY-ONN-2005/1
Onshore Activity - CY-ONN-2005/1 Onshore 40 km • CY-ONN-2005/1 (Bengal 30%) 6x6 miles PY-1 946 km2 PY-3 – Partners GAIL and GSPC are well-established NOCs India – GAIL controls 70% of the gas infrastructure in India – 533 km2 3D seismic and 75 CY-ONN-1 km2 high-resolution 3D planned for late 2011 /
Slide 20: Offshore Upside - Timor Sea - AC/P 47
Offshore Upside - Timor Sea - AC/P 47 • 100% working interest in this 3,485 km2 Bayu-Undan 3.5Tcf Challis 60MM bbls (PTTEP) 400MM bbls offshore block Jabiru 115MM bbls (Conoco Phillips) • Multiple play potential in PTTEP untested structures with AC/P 47 PTTEP/Bengal thick, high porosity ENI Triassic
Slide 21: Offshore Upside - Timor Sea - AC/P 47 Prospect Details
Offshore Upside - Timor Sea - AC/P 47 West East AC/P 47 - Prospect Details • Drill well in ~300 m water ~ 9 Km anticipated TD ~2,300 m • Up to 150 vertical meters of Permit untested Triassic closure from edge coarse existing 2D grid Permit edge • 41 m mean expected pay (upside 115 m net pay) from 24
Slide 22: Offshore Activity - Timor Sea - AC/P 24
Offshore Activity - Timor Sea - AC/P 24 • Bengal has 10% interest (PTTEP PTTEP operator) Oliver 350 Bcf+ • Offshore Timor Sea: 20MM bbls – 329 km² (81,300 gross acres) • Original Katandra discovery well (Dec 2004) proved long distance oil migration from Jabiru and oil- source-kitchen • Katandra’s 7-
Slide 23: AC/P24 Kingtree Well
Permit AC/P24 AC/P24 Kingtree Well Katandra 1A Kingtree ● Approved year 5 budget resolution for $AUD 23.5 MM including 1 well (BNG to be 10%) ● Kingtree - 1 well to be drilled in 110 m water depth by the semi-sub rig, Ocean Patriot, to 1,470m TVD over an expected 17 days (approx $1.7 MM net expected
Slide 24: What's Next?
What’s Next? Block Activities Objective • 1 well to come on stream • Murta ATP 752P • Follow-up drilling 3-4 wells • Hutton Q1-Q2 2012 and new 3D seismic • Shoot 400 km 2D and 50 km2 3D ATP 732P seismic (Q4 2011) • Plan to drill 5-8 wells in 2012 • Drill wells starting Q2 2012 AC/P 24 • Drill one ex
Slide 25: Opportunity Summary
Opportunity Summary • Exposure to world-class opportunities – 2.2 million net acres in Australia and India in proven producing basins – Significant estimated resource in place – Operating in active hydrocarbon jurisdictions with large resource potential • Solid portfolio of assets and opportunities
Slide 26: Disclaimers
Disclaimers ATP 732P Tookoonooka Undiscoverable PIIP (see table on page 13) • The resource estimates presented in the Report are classified as undiscovered petroleum initially-in-place ("Undiscovered PIIP") and prospective resources. The Canadian Oil and Gas Evaluation Handbook (“COGEH”) defines "Un
Slide 27: Bengal Energy Ltd.
Contact Bengal Energy Ltd. Suite 1000, 736 – 6 Avenue SW Calgary, AB T2P 3T7 T: 403.205.2526 F: 403.263.3168 [email protected] www.bengalenergy.ca 27
Slide 28: Appendix
Appendix 28
Slide 29: ATP 732P Tookoonooka Multi-zone Play Types
ATP 732P Tookoonooka Multi-zone Play Types Vernon North Rim Tookoonooka South Subcrop/CSG Wyandra 6.3 MMcf/d Subcrop/CSG Faults Channel Impact valley Wallumbilla fill Rim edge Cadna-Owie trap Channel play Murta Fault trap Hutton Tookoonooka Toolachee Permian Impact Permian Edge and Structure Edge an
Slide 30: Market Cap of Peers Shows Bengal's Upside
Market Cap of Peers Shows Bengal's Upside Market capitalization 250 of TSX/TSXV-Listed International Players with production <200 boe/d September 1,2011 Market cap in millions (September 1, 2011) 225 200 175 150 125 100 75 50 25 0 30
Slide 31: High-impact exploration and drilling in Australia and India
High-impact exploration and drilling in Australia and India